EQS-News

ElringKlinger enjoys solid start to 2024 financial year

EQS-News: ElringKlinger AG / Key word(s): Quarter Results ElringKlinger enjoys solid start to 2024 financial year 07.05.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. ElringKlinger enjoys solid start to 2024 financial year

• Group revenue of EUR 465.3 million amid challenging market conditions (Q1 2023: EUR 487.7 million)
• Adjusted EBIT margin of 5.2% on track for annual target of around 5%
• Robust financial position and cash flows: equity ratio of 44.5%, net financial liabilities down markedly year on year at EUR 329.1 million (Q1 2023: EUR 372.3 million)
• Guidance confirmed

Dettingen/Erms (Germany), May 7, 2024 +++ ElringKlinger AG (ISIN DE0007856023 / WKN 785602) has published its results for the first quarter of 2024. The Group generated revenue of EUR 465.3 million in the period just ended (Q1 2023: EUR 487.7 million). Exchange rates caused a headwind of 0.8%, as a result of which the decline in revenue in organic terms, i.e., assuming stable exchange rates, amounted to 3.8%. In the same period, global automotive production shrank by 0.8%, while Europe recorded a downturn of 2.5%.

Asked to comment on the quarterly results, Thomas Jessulat, CEO of ElringKlinger, said "Overall, we succeeded in further reinforcing our financial base in the quarter under review. Against the backdrop of a challenging market environment, we came close to maintaining our adjusted EBIT margin year on year, despite a slight dip in revenue. We are fully on track when it comes to achieving our target for the annual period as a whole. Our ambition now is to tackle the next stage of the transformation process in line with our SHAPE30 strategy. In this context, the focus is on ramping up series production relating to the high-volume nominations already secured in the field of e-mobility, while also continuing our sales efforts in pursuit of sustained success. Our established business centering on components for the combustion engine forms the backbone of our transformation. ElringKlinger has a robust business model in support of market transition."